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Sun 13 Feb 2011 04:13 PM

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Dubai's Drake & Scull wins $533m Saudi contract

Dubai contractor says acquisition of civil company in kingdom will be completed in Q1

Dubai's Drake & Scull wins $533m Saudi contract
Around 29 percent of DSI’s total backlog is based in Saudi Arabia, said CEO Khaldoun Tabari

Dubai's Drake & Scull International (DSI) has been awarded a $533m contract by Saudi Aramco to build an energy research institute in Jeddah, the company said on Sunday.

The deal to build the King Abdullah Petroleum Studies and Research Centre (KAPSARC) was won by DSI’s new wholly-owned subsidiary in Saudi Arabia. It is scheduled for completion in August next year.

The centre has been designed by Zaha Hadid, and will be located near King Khalid International Airport.

"We are delighted to have been selected to execute such an iconic project in Saudi Arabia which substantiates our continuous effort to further expand and momentously grow in this promising country,” said Khaldoun Tabari, DSI’s CEO, in a company statement.

“We have been dedicating major resources into fortifying and streamlining the newly established entity in Saudi Arabia which has already secured a SR450m contract for Al Jawharah project in Jeddah, during the second quarter of 2010."

DSI also announced that its planned acquisition of a civil company in the kingdom will be completed in the first quarter of this year.

Around 29 percent of DSI’s total backlog is based in Saudi Arabia, and the firm won contracts worth $327m in the kingdom last year.

DSI’s water and power division picked up a $79m deal to build a district cooling plant in Riyadh during December.

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